3rd deal, heck of a deal. Cold feet
I’m a buy and hold investor in a small city in PA. Home prices in my area are typically considered very affordable and the average rent also mirrors that. I have two rental properties, both are doubles with 3 bedrooms per unit.
Due to the lower average income of my area the majority of rental properties are probably considered D and C properties.
So I submitted a verbal offer at 75% of what the place was actually listed. It was listed around 100k and I offered around 75k. The numbers would certainly work as each unit would bring $600/m for a total of $1800/m with the mortgage w everything escrowed estimated at being just over $600/m.
I’m getting cold feet, I think I speak for a lot of investors when I say the uncertainty of the Rental market with rent moratoriums and uncertainty regarding unemployment and Covid makes me feel very hesitant investing at the moment. I offered and essentially named my price because of that and had no problem walking away, and the seller actually ended up meeting me at my price which I feel like is a no-brainer deal. Any advice? Or also just wondering how you guys are feeling/investing during all of this madness?